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El Limon Mine – Nicaragua
(1)

Open Pit and Underground, 95% B2Gold Ownership

Property Location and Access:

El Limon Mine is located in northwestern Nicaragua, approximately 100 kilometres (“km”) northwest of Managua, the capital of Nicaragua. The mine straddles the boundary of the municipalities of Larreynaga and Telica of the Department of Leon and the municipalities of Chinandega and Villa Nueva of the Department of Chinandega. The mine is readily accessed by a paved highway and a 15-km gravel mine road with a total road distance from Managua of 140 km.

Third Quarter (“Q3”) 2017:

El Limon Mine produced 11,093 ounces of gold in the third quarter of 2017 (Q3 2016 – 14,185 ounces), in-line with revised guidance and a significant improvement compared to 7,740 ounces produced in the second quarter of 2017. Throughout the year, El Limon’s production had been negatively affected by water pumping issues which had reduced high-grade ore flow from Santa Pancha Underground. However, with the successful rehabilitation of the Santa Pancha 1 dewatering well at the beginning of the third quarter, mine output and production grade are now improving.

During the quarter, four Environmental Impact Assessments (“EIA”) were presented to the Nicaraguan government for approval relating to both open pit and underground mining projects: Mercedes-Aparejo, Veta Nueva, Santa Emilia South and Mercedes South. The EIA for the Mercedes South Pit has been approved and the permit process is now advancing to the public consultation phase. Development of this pit is anticipated to commence in the fourth quarter of 2017 and is expected to provide an open-pit source to complement underground operations for the duration of 2018.

El Limon’s third quarter cash costs, on a per ounce basis, were impacted by the lower than planned production with cash operating costs(2) of $901 per ounce (Q3 2016 – $682 per ounce) and all-in sustaining costs (“AISC”)(2) of $1,409 per ounce (Q3 2016 – $1,067 per ounce).

The Company anticipates gold production from Santa Pancha 1 to continue to increase and El Limon’s cash operating costs to decrease in the fourth quarter of 2017. For full-year 2017, El Limon’s production is expected to be at the low end of its revised production guidance range of between 40,000 to 50,000 ounces of gold (original guidance was 50,000 to 60,000 ounces) with cash operating costs and AISC expected to be at the high end of guidance (of between $815 to $855 per ounce and between $1,415 and $1,455 per ounce, respectively).

In 2018, El Limon’s gold production is expected to return to more normal levels and be between 50,000 and 60,000 ounces.

Recent News Releases:

Please click here for the full news release “B2Gold Reports Strong Third Quarter 2017 Results; New Fekola Mine Achieves First Gold Pour on October 7, 2017, and Gold Production of 40,286 Ounces to October 31 during Ramp-up Phase; Commercial Production at Fekola Anticipated by End of November,” dated November 7, 2017.

The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures

Note: For more details on B2Gold’s El Limon Mine, click here for the Company’s Annual Information Form 2017 and click here for the Company's most recent Management’s Discussion and Analysis (these are also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov).